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Pay the Interest Portion of the Loan First
Only pay interest on the mortgage through monthly payments for an initial period of time on an interest-only mortgage loan. The interest-only period can be between 1 year and 10 years and after the interest-only period is up you would be required to pay standard principle and interest payments to pay the loan off in the remaining term.
Interest-only loans can be great options to keep your monthly payments low but you should also consider the potential increases in payments at a later date.
One of our mortgage professionals would be more than happy to discuss the pro’s and con’s and determine if an interest-only is right for you.
Terms, conditions & restrictions apply. Subject to underwriting approval. Application required; not all applicants will be approved. Property insurance and other documentation may be required. Loan secured by a lien against your property. Consolidating or refinancing debts may increase the time and/or the finance charges/total loan amount needed to repay your debt. Fees and charges may apply, and may vary by product and state. Taxes & insurance extra. Appraisal and other fees paid outside of closing (POC) are non-refundable. Important information relating specifically to your loan will be contained in the loan documents, which alone will establish your rights and obligations under the loan plan. Call for details.